The company's wholly-owned subsidiary, Independent Resources (Ksar Hadada) Limited acquired a 40% interest in the permit during 2005.
Ksar Hadada covers an area of approximately 7000 square kilometers within the prolific Ghadames basin, where a number of large oil and gas fields have been discovered in neighbouring Libya and Algeria.
The primary prospect within the permit area is the Sidi Toui structure, where re-entry and testing of an existing well is planned for later this year. The block contains several other prospects and leads in addition to Sidi Toui. These are currently being better defined by reinterpreting existing data in order to identify potential drilling locations.
Independent Resources Managing Director Steve Staley said: "We are very pleased to have received this final approval from the Tunisian government. We believe that Ksar Hadada is an exciting area within a proven hydrocarbon basin. The majority of the prospects we have identified are quite shallow, making them relatively inexpensive to drill and develop."
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